Is your business Real-Time or Past-Time? #analytics #bigdata

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Do you know how to improve your customer relationships, increase revenue and maximize operational efficiencies with confidence – and a simple glance at your own business data? If not, your competitors could be a few steps ahead and you may want to think about hopping on the real-time train. 

It is interesting to see how people consume that data to make decisions.  We’ve all watched the worldwide markets go up and down over the past few years as we tune into the cable news channels like CNBC or Bloomberg to get up-to-the-minute or even seconds on the fluctuations of the market.      Within a 15 to 30 second glance, we immediately know what is going on and what we need to do.   Information is summarized and presented in a manner that actually resonates with us, so we are able to confidently act on it. With the development of smartphones and tablet devices, we now have even more access to our investments and markets and can make real-time decisions based on the stocks that we, individually care about.  Information is personalized and presented in a form that allows us to make quick, informed, better decisions.  So, why don’t we manage and monitor our businesses in the same way? 

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Many organizations continue to make reactive decisions based on summarized historical data. Some BI decision makers are even still using two-dimensional charts and simple spreadsheets to base their decisions on. Other enterprises climbing the BI maturity ladder have already automated most of their operations, resulting in large portions of valuable data residing underutilized in incompatible systems. This unstructured data is an untapped resource, just waiting for discovery.  

Software vendors keep telling us the answer to taming all of this information is all about big data and self-serve BI analytics, but they are just trying to sell us a bunch of software licenses we don’t need.   When it comes to understanding your business, an investment in self-service BI software will surely get you bogged down in the data and calculations, while trying to justify your numbers. Access to millions of rows of data will not ensure you are making the right decision – you won’t find that “golden nugget” with a pinch, zoom and swipe on your tablet device.  Self-service BI wastes the time of busy end-users, pointing them at big data and expecting them to make use and sense of it. What they really need is access to well-defined sets of information that allow them to do their jobs better. 

Today’s BI user isn’t sitting at a desk, nor are they limited to the domain of the analysts and statisticians. BI users now include the entire workforce in every role, including team members, managers and executives. Managing data through well-designed BI apps has the potential to deliver enormous value. Real-time BI involves on-the-fly decision-making made possible with personalized business information – summarized and presented in a visually “alive” manner. Similar to monitoring the financial markets on TV, you can focus on the metrics that matter most to you and your company with all of your metrics gathered into one place and accessible on any device. Executives can be self-sufficient with access to up-to-date information on their mobile devices, without having to learn complex reporting tools – they are now able to concentrate on their real jobs, making those most important decisions. Managers are able to get their team members on the same page, working toward common goals and are included in decision-making. Team members are instantly alerted to an assigned action pertaining to a metric that’s suddenly RED. 

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Access to all of your data on your mobile device with visually interactive and even predictive insights allows executives, managers and professionals to make better and faster decisions more often. You can break free from the past and turn your business into a business intelligence powerhouse – within hours – and bring the “power to know” to your users and real-time to your business operations. 

Enjoy, Patrick

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